The International Monetary Fund (IMF) has revealed a revision of its economic outlook for the Middle East and North Africa (MENA) region in light of the ongoing war in Gaza. According to the IMF, the war will have far-reaching consequences for "people and economies" in the region, though the extent of the impact remains "largely unclear."
Among the hardest-hit sectors in the region is tourism, which accounted for between 35 and 50 percent of exports of goods and services in MENA economies in 2019. Tourism-dependent economies, such as Lebanon, dropped hotel occupancy rates by 45 percentage points in October compared to last year. The war will also indirectly affect growth in Jordan, Egypt and Lebanon.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
